Bidding on the future: Evidence against normative discounting of delayed rewards.

Normative economic models assume that delay-discounting rates for future rewards are independent of the amount of, and delay to, a reward. These assumptions were tested in 3 experiments in which participants were asked to bid their own money on delayed monetary rewards in a sealed, second-bid auction. In Experiments 1 and 2, participants made their bids without feedback about the bids of other participants. In Experiment 3, half of the...